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American Chip Corporations fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018. Account Title Debits Credits
American Chip Corporations fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2018.
Account Title | Debits | Credits | ||||
Retained earnings | 84,000 | |||||
Sales revenue | 790,000 | |||||
Interest revenue | 5,000 | |||||
Cost of goods sold | 440,000 | |||||
Salaries expense | 140,000 | |||||
Rent expense | 19,000 | |||||
Depreciation expense | 34,000 | |||||
Interest expense | 5,400 | |||||
Insurance expense | 6,400 | |||||
Required: Prepare the necessary closing entries at December 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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1
Record the entry to close the revenue accounts using the income summary.
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2
Record the entry to close the expense accounts using the income summary.
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3
Record the entry to close the income summary account.
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